UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11- K
(Mark One)
ý ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2005
or
o TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
For the transition period from to
Commission file number 1-18378
A. Full title of the plan and the address of the plan, if different from that of the issuer named below:
AVENTIS PHARMACEUTICALS SAVINGS PLAN
300 Somerset Corporate Boulevard
Bridgewater, NJ 08807-0912
B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
SANOFI-AVENTIS
174 AVENUE DE FRANCE
Paris, France 75013
Aventis Pharmaceuticals
Savings Plan
Financial Statements and Supplemental Schedule
December 31, 2005 and 2004
Aventis Pharmaceuticals
Savings Plan
Index
December 31, 2005 and 2004
|
1 |
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|
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Financial Statements |
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|
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|
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2-3 |
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|
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|
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4-5 |
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|
|
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6-12 |
|
|
|
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Supplemental Schedule* |
|
|
|
|
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Schedule H, Line 4i - Schedule of Assets (Held at End of Year) at December 31, 2005 |
|
13 |
* Other schedules required by section 2520.103-10 of the Department of Labors Rules and Regulations for Reporting and Disclosure under ERISA have been omitted because they are not applicable.
Report of Independent Registered Public Accounting Firm
To the Participants and
Administrator of
Aventis Pharmaceuticals Savings Plan
In our opinion, the accompanying statements of net assets available for benefits and the related statements of changes in net assets available for benefits present fairly, in all material respects, the net assets available for benefits of the Aventis Pharmaceuticals Savings Plan (the Plan) at December 31, 2005 and 2004, and the changes in net assets available for benefits for the years then ended in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of the Plans management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedule, Schedule of Assets (Held at End of Year) is presented for the purpose of additional analysis and is not a required part of the basic financial statements but is supplementary information required by the Department of Labors Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. This supplemental schedule is the responsibility of the Plans management. The supplemental schedule has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
PricewaterhouseCoopers LLP
Florham Park, New Jersey
July 14, 2006
1
Aventis Pharmaceuticals
Savings Plan
Statement of Net Assets Available for Benefits
December 31, 2005
|
|
2005 |
|
|
Assets |
|
|
|
|
Investments, |
|
|
|
|
At fair value |
|
|
|
|
Investment in Master Trust |
|
$ |
341,324,753 |
|
Mutual funds |
|
1,132,864,868 |
|
|
At contract value |
|
|
|
|
Participant loans |
|
19,629,984 |
|
|
|
|
1,493,819,605 |
|
|
|
|
|
|
|
Income receivable |
|
402,370 |
|
|
Contributions receivable employee |
|
3,903,749 |
|
|
Contributions receivable employer |
|
37,743,099 |
|
|
Total receivables |
|
42,049,218 |
|
|
|
|
|
|
|
Total assets |
|
1,535,868,823 |
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
Accrued expenses |
|
170,650 |
|
|
|
|
|
|
|
Total liabilities |
|
170,650 |
|
|
Net assets available for benefits |
|
$ |
1,535,698,173 |
|
See accompanying notes to financial statements.
2
Aventis Pharmaceuticals
Savings Plan
Statement of Net Assets Available for Benefits
December 31, 2004
|
|
Nonparticipant- |
|
Participant- |
|
Total |
|
|||
Assets |
|
|
|
|
|
|
|
|||
Investments, |
|
|
|
|
|
|
|
|||
At fair value |
|
|
|
|
|
|
|
|||
Investment in Master Trust |
|
$ |
|
|
$ |
376,304,699 |
|
$ |
376,304,699 |
|
Mutual funds |
|
|
|
760,009,765 |
|
760,009,765 |
|
|||
Common and commingled trusts |
|
|
|
267,624,640 |
|
267,624,640 |
|
|||
At contract value |
|
|
|
|
|
|
|
|||
Participant loans |
|
|
|
20,381,224 |
|
20,381,224 |
|
|||
|
|
|
|
1,424,320,328 |
|
1,424,320,328 |
|
|||
|
|
|
|
|
|
|
|
|||
Income receivable |
|
|
|
90,470 |
|
90,470 |
|
|||
Contributions receivable employee |
|
|
|
1,874,642 |
|
1,874,642 |
|
|||
Contributions receivable employer |
|
10,772,585 |
|
50,670,503 |
|
61,443,088 |
|
|||
|
|
10,772,585 |
|
52,635,615 |
|
63,408,200 |
|
|||
|
|
|
|
|
|
|
|
|||
Cash |
|
|
|
40 |
|
40 |
|
|||
|
|
|
|
|
|
|
|
|||
Total assets |
|
10,772,585 |
|
1,476,955,983 |
|
1,487,728,568 |
|
|||
|
|
|
|
|
|
|
|
|||
Liabilities |
|
|
|
|
|
|
|
|||
Bonds payable (note 6) |
|
10,378,630 |
|
|
|
10,378,630 |
|
|||
Accrued expenses |
|
|
|
234,117 |
|
234,117 |
|
|||
Accrued interest payable |
|
393,955 |
|
|
|
393,955 |
|
|||
|
|
|
|
|
|
|
|
|||
Total liabilities |
|
10,772,585 |
|
234,117 |
|
11,006,702 |
|
|||
|
|
|
|
|
|
|
|
|||
Net assets available for benefits |
|
$ |
|
|
$ |
1,476,721,866 |
|
$ |
1,476,721,866 |
|
See accompanying notes to financial statements.
3
Aventis Pharmaceuticals
Savings Plan
Statement of Changes in Net Assets Available for Benefits
Year Ended December 31, 2005
|
|
Nonparticipant- |
|
Participant- |
|
Total |
|
|||
Additions |
|
|
|
|
|
|
|
|||
Contributions |
|
|
|
|
|
|
|
|||
Employee |
|
$ |
|
|
$ |
74,447,126 |
|
$ |
74,447,126 |
|
Employer |
|
10,851,377 |
|
66,100,925 |
|
76,952,302 |
|
|||
Investment Income |
|
|
|
|
|
|
|
|||
Interest and dividends |
|
|
|
23,425,742 |
|
23,425,742 |
|
|||
Net appreciation in the fair value of investments (note 3) |
|
|
|
53,024,602 |
|
53,024,602 |
|
|||
Net appreciation in the fair value of investments in Master Trust (note 4) |
|
|
|
21,437,584 |
|
21,437,584 |
|
|||
|
|
|
|
|
|
|
|
|||
Total additions |
|
10,851,377 |
|
238,435,979 |
|
249,287,356 |
|
|||
|
|
|
|
|
|
|
|
|||
Deductions |
|
|
|
|
|
|
|
|||
Bond principle payment (note 6) |
|
10,378,630 |
|
|
|
10,378,630 |
|
|||
Distributions |
|
|
|
177,461,836 |
|
177,461,836 |
|
|||
Transfers to other plans |
|
|
|
1,628,235 |
|
1,628,235 |
|
|||
Interest expense (note 6) |
|
472,747 |
|
|
|
472,747 |
|
|||
Fees and expenses |
|
|
|
369,601 |
|
369,601 |
|
|||
Total deductions |
|
10,851,377 |
|
179,459,672 |
|
190,311,049 |
|
|||
Increase in net assets available for benefits |
|
|
|
58,976,307 |
|
58,976,307 |
|
|||
|
|
|
|
|
|
|
|
|||
Net assets available for benefits |
|
|
|
|
|
|
|
|||
Beginning of year |
|
|
|
1,476,721,866 |
|
1,476,721,866 |
|
|||
End of year |
|
$ |
|
|
$ |
1,535,698,173 |
|
$ |
1,535,698,173 |
|
See accompanying notes to financial statements.
4
Aventis Pharmaceuticals
Savings Plan
Statement of Changes in Net Assets Available for Benefits
Year Ended December 31, 2004
|
|
Nonparticipant- |
|
Participant- |
|
|
|
|||
|
|
Directed |
|
Directed |
|
Total |
|
|||
Additions |
|
|
|
|
|
|
|
|||
Contributions |
|
|
|
|
|
|
|
|||
Employee |
|
$ |
|
|
$ |
71,896,010 |
|
$ |
71,896,010 |
|
Employer |
|
11,106,513 |
|
78,908,348 |
|
90,014,861 |
|
|||
Investment Income |
|
|
|
|
|
|
|
|||
Interest and dividends |
|
|
|
34,115,246 |
|
34,115,246 |
|
|||
Net appreciation in the fair value of investments (note 3) |
|
|
|
61,567,080 |
|
61,567,080 |
|
|||
Net appreciation in the fair value of investments in Master Trust (note 4) |
|
|
|
46,354,103 |
|
46,354,103 |
|
|||
Transfers from other plans |
|
|
|
4,611,410 |
|
4,611,410 |
|
|||
Total additions |
|
11,106,513 |
|
297,452,197 |
|
308,558,710 |
|
|||
|
|
|
|
|
|
|
|
|||
Deductions |
|
|
|
|
|
|
|
|||
Bond principle payment (note 6) |
|
9,648,293 |
|
|
|
9,648,293 |
|
|||
Distributions |
|
|
|
14,637,044 |
|
14,637,044 |
|
|||
Transfers to other plans |
|
|
|
114,869,775 |
|
114,869,775 |
|
|||
Interest expense (note 6) |
|
1,458,220 |
|
|
|
1,458,220 |
|
|||
Fees and expenses |
|
|
|
355,759 |
|
355,759 |
|
|||
Total deductions |
|
11,106,513 |
|
129,862,578 |
|
140,969,091 |
|
|||
Increase in net assets available for benefits |
|
|
|
167,589,619 |
|
167,589,619 |
|
|||
|
|
|
|
|
|
|
|
|||
Net assets available for benefits |
|
|
|
|
|
|
|
|||
Beginning of year |
|
|
|
1,309,132,247 |
|
1,309,132,247 |
|
|||
End of year |
|
$ |
|
|
$ |
1,476,721,866 |
|
$ |
1,476,721,866 |
|
See accompanying notes to financial statements.
5
Aventis Pharmaceuticals
Savings Plan
December 31, 2005 and 2004
1. Summary of Significant Plan Provisions
The following description of the Aventis Pharmaceuticals Savings Plan (hereafter referred to as the Plan) provides only general information. Participants should refer to the Plan document for a more complete description of the Plans provisions.
Plan Description
The Plan is a defined contribution plan that covers substantially all associates of Aventis Inc. (the Company) and Aventis Pharmaceuticals Inc. as they meet the prescribed eligibility requirements. All associates are eligible to participate in the Plan beginning on the first day of employment. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA).
On April 25, 2005, Sanofi-Synthélabo SA (Sanofi), a publicly listed company headquartered in Paris, France made an offer of shares and cash in exchange for all of the shares of the Companys ultimate parent, Aventis SA (Aventis). Aventis Management Board and the Supervisory Board recommended this offer to Aventis shareholders. On August 20, 2005, Aventis S.A., merged with Sanofi-Synthelabo to form sanofi-aventis SA.
Master Trust
Effective January 1, 2001, Aventis Pharmaceuticals Inc., Hoescht Marion Roussel Puerto Rico, Inc. (subsequently known as Aventis Pharmaceuticals Puerto Rico, Inc.) and T. Rowe Price Trust Company (the Trustee) entered into a Master Trust Agreement (Master Trust) to serve as a funding vehicle for certain commingled assets of the Plan and the Aventis Pharmaceuticals Puerto Rico Savings Plan (the PR Plan). Accordingly, certain assets of the Plan are maintained, for investment purposes only, on a commingled basis with the assets of the PR Plan as well as other legacy plans of Sanofi-Synthelabo Inc. Neither plan has any interest in the specific assets of the Master Trust, but maintain beneficial interests in such assets. The portion of assets, net earnings, gains and/or losses and administrative expenses allocable to each plan is based upon the relationship of the Plans beneficial interest in the Master Trust to the total beneficial interest of all plans in the Master Trust. (see Note 4).
Trustee and Recordkeeper
The T. Rowe Price Trust Company is the Plans trustee. The Trustee is party to the Master Trust agreement discussed above which governs and maintains the Plans commingled assets, as well as a general trust agreement for all other Plan assets. T. Rowe Price Group Inc. is the Plans recordkeeper. (see Note 8)
Plan Administration
The Aventis Pharmaceuticals Savings Investment Committee (the Committee), as appointed by the Companys Board of Directors, was responsible for the general administration of the Plan. The Company also maintains trust funds as a part of the Plan to hold the assets of the Plan. The Board of Directors has appointed a Trustee with responsibility for the administration of the Trust Agreement and the management of the assets. The Trustee also administered the payment of interest and principal on the bonds, which are reimbursed to the Trustee through contributions, as determined by the Plan.
6
Participant Accounts
Each participants account is credited with the participants contribution and allocations of the Companys contribution and Plan earnings. Participant accounts are also charged with an allocation of administrative expenses based on the participants investment income or total account balances.
Contributions
The Plan provides that participants may make elective deferral contributions, which allows participants to save up to 20% of their eligible pay in whole percentage (up to the allowable IRS annual maximum $14,000 for 2005) on a pre-tax basis, pursuant to Code Section 401(k). In addition, changes have been made during 2005 to permit catch-up contributions (of not more than $4,000 in 2005) for participants age 50 and over.
The Plan provides for a matching contribution in an amount that is equal to the lesser of 4% of such participants eligible compensation for the Plan year or 100% of the participants plan contribution. An additional discretionary matching contribution of up to 2% of eligible compensation may be awarded each year by the Board. To the extent that the required employer matching contribution exceeds the debt service requirements, the Company makes additional cash contributions to the Plan. The Plan also provides that the Company may make an annual performance sharing contribution of up to 6% of the eligible compensation allocated to qualified participants as of the end of the Plan year, as determined by the Board of Directors.
There are certain defined limitations on the amount of contributions that may be credited to a participants account and the annual amount of the Company contribution is limited to the maximum deductible for federal income tax purposes.
Vesting
All participants are 100% vested at all times in all portion of their accounts balances including employer and employee contributed amounts.
Distributions
Plan participants who leave the Company as a result of termination, retirement, or death may choose one or a combination of the following distribution methods: receive the entire amount of their account balance in one lump-sum payment; or receive the distribution in the form of annual installments over the lesser of five years or the life expectancy of the participant and the participants beneficiary. If a participant dies, the participants designated beneficiary will receive the payments. These amounts of $177,461,836 and $14,637,044 for 2005 and 2004 respectively, have been included within the benefits paid to participants line item on the statement of changes in net assets available for benefits.
Rollover Contributions
Plan participants may make a direct or indirect rollover contribution to the Plan from a former employers tax qualified plan. Participants can also roll over IRA distributions (excluding minimum required distributions and nondeductible contributions).
Participants Loans
Plan participants may borrow from $1,000 up to the lesser of 50% of the value of their account balance or $50,000 less their highest outstanding loan balance in the preceding 12 months, subject to certain limitations described in the Plan. Loans bear interest at a rate commensurable with the
7
prevailing market rate, as determined by the Plan Administrator. Currently, interest rates associated with participant loans range from 5.25% to 10.5%. Loan balances are payable in semi-monthly installments generally over a term of up to five years. Extended terms are available should the loan relate to the purchase of a primary residence.
Fees and Administrative Expense
Expenses incurred to administer the Plan, including trustee, recordkeeper, and investment advisory fees, are paid by the Plan. The Company pays all remaining expenses of the Plan, if any.
2. Summary of Significant Accounting Policies
Basis of Accounting
The accompanying financial statements have been prepared on the accrual basis of accounting.
Investment Valuation and Income Recognition
The fair value of the Plans interest in the Master Trust is based on the beginning of year value of the Plans interest in the trust plus actual contributions and allocated investment income less actual distributions and allocated administrative expenses. Quoted market prices are used to value investments in the Master Trust.
The Plans investments in mutual funds, common and commingled trust are stated at fair value. Quoted market prices are used to value investments. Shares of mutual funds are valued at the net asset value of shares held by the Plan at year end. Participant loans are valued at their outstanding balances, which approximate fair value. Securities transactions are recorded on the trade-date (the day the order to buy or sell is executed). Dividend income is recorded on the ex-dividend date.
Investment contracts are stated at contract value, which is equal to contributions plus interest less benefit payments and expenses, which approximates fair value. The Aventis Stable Value Fund, which is included in the Master Trust, invests primarily in investment contracts issued by high-quality insurance companies and banks as rated by T. Rowe Price Associates, Inc. (the advisor to the trusts sponsor). These are interest bearing contracts in which the principal and interest are guaranteed by the issuing companies. The contracts are considered fully benefit-responsive and therefore are recorded at contract value, which approximates fair market value. Each contract is subject to early termination penalties that may be significant. The average crediting rate for the investment contracts was 4.48 % and 4.78% and the average yield was 3.98% and 4.11% during 2005 and 2004, respectively.
The Plan presents within the statement of changes in Net Assets Available for Benefits, the Net Appreciation in the Fair Value of Investments and Investments within the Master Trust. This amount includes both realized and unrealized gains and losses.
Risks and Uncertainties
The Plan provides for various investment options representing varied combinations of stocks, bonds, fixed income securities, mutual funds and other investment securities. Investment securities are exposed to various risks, such as interest rate, market and credit risk. Due to the level of risk associated with certain investment securities and the level of uncertainty related to changes in the value of investment securities, it is at least reasonably possible that changes in risks in the near
8
term would materially affect participants account balances and the amounts reported in the statement of net assets available for benefits.
Use of Estimates
The Plan Administrator has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these financial statements in conformity with generally accepted accounting principles. Actual results could differ from those estimates.
Benefit Payments
Benefits are recorded when paid.
3. Investments
The following table presents the fair value of investments that represent 5 percent or more of the net assets available for benefits at December 31, 2005 and 2004:
|
|
2005 |
|
2004 |
|
||
Master Trust |
|
|
|
|
|
||
Aventis Pharmaceuticals Savings Plan and Aventis Pharmaceuticals Puerto Rico Savings Plan Master Trust |
|
$ |
341,324,753 |
|
$ |
376,304,699 |
|
|
|
|
|
|
|
||
Mutual Funds |
|
|
|
|
|
||
Retirement 2015 |
|
81,987,801 |
|
N/A |
|
||
Retirement 2020 |
|
116,057,302 |
|
N/A |
|
||
Retirement 2025 |
|
129,832,761 |
|
88,242,810 |
|
||
Retirement 2030 |
|
116,212,278 |
|
N/A |
|
||
T.Rowe Price Pimco Total Return Fund |
|
N/A |
|
126,482,123 |
|
||
T.Rowe Price Science & Technology, Inc. |
|
N/A |
|
87,130,142 |
|
||
T.Rowe Price Small Cap Stock Fund |
|
84,947,658 |
|
198,198,155 |
|
||
T.Rowe Price Wellington LG Cap Research Fund |
|
N/A |
|
236,460,554 |
|
||
|
|
|
|
|
|
||
Common and Collective Trusts |
|
|
|
|
|
||
T.Rowe Price Retirement Strategy Trust Balance Fund |
|
N/A |
|
95,326,211 |
|
||
T.Rowe Price Equity Index Trust Fund |
|
N/A |
|
138,211,362 |
|
||
During 2005 and 2004, the Plans investments (including investments bought, sold, and held during the year) appreciated as follows:
|
|
2005 |
|
2004 |
|
||
Mutual Funds |
|
$ |
35,643,975 |
|
$ |
50,859,895 |
|
Common and collective trusts |
|
17,380,627 |
|
10,707,185 |
|
||
|
|
|
|
|
|
||
|
|
$ |
53,024,602 |
|
$ |
61,567,080 |
|
9
4. Master Trust
A portion of the Plans investments are held in a Master Trust which was established to serve as a funding vehicle for certain commingled assets of the Plan and the PR Plan. On December 16, 2005, the assets of the Sanofi-Synthelabo Group Savings Plan and Sanofi-Synthelabo Inc. Hourly Employees Savings Plan were incorporated within the Master Trust. All plans have an undivided interest in the Master Trust. The assets of the Master Trust are held by the Trustee. At December 31, 2005 and 2004, the Plans interest in the Master Trust was approximately 84% and 98% respectively.
The following table presents the fair value of investments held in the Master Trust as of December 31, 2005 and 2004:
|
|
2005 |
|
2004 |
|
||
Investments |
|
|
|
|
|
||
At fair value |
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
1,183,933 |
|
$ |
870,778 |
|
Mutual funds |
|
25,834,658 |
|
13,696,220 |
|
||
Company stock |
|
95,769,750 |
|
79,270,454 |
|
||
At contract value |
|
|
|
|
|
||
Guaranteed insurance contracts |
|
283,180,011 |
|
291,452,574 |
|
||
|
|
|
|
|
|
||
|
|
$ |
405,968,352 |
|
$ |
385,290,026 |
|
The following table presents the investment income for the Master Trust for the year ended December 31, 2005 and 2004:
|
|
2005 |
|
2004 |
|
||
|
|
|
|
|
|
||
Dividends |
|
$ |
1,213,954 |
|
$ |
1,031,661 |
|
Interests |
|
13,019,591 |
|
12,699,396 |
|
||
Net appreciation in fair value of Common Stock and Mutual Funds |
|
8,065,852 |
|
33,554,007 |
|
||
|
|
$ |
22,299,397 |
|
$ |
47,285,064 |
|
10
5. Tax Status
The Internal Revenue Service has determined and informed the Company by a letter dated July 31, 2002, that the Plan and related trust are designed in accordance with applicable sections of the Internal Revenue Code (IRC). However, the Plan has been amended since the receipt of the determination letter. The Plan administrator and the Plans tax counsel believe that the Plan is designed and is currently being operated in compliance with the applicable requirements of the IRC. Therefore, no provision for income taxes has been made. The Plan Administrator is not aware of any activity or transaction that may adversely affect the qualified status of the Plan.
6. Bonds Payable
During 1999, the Plan merged with the Hoechst Marion Roussel Inc. Associate Stock Ownership Plan (the HMR Plan) subsequent to the formation of Aventis SA. The Company makes scheduled debt service payments on behalf of the Plan for bonds payable previously recorded within the HMR Plan. The bonds payable and the related receivable due from the Company to repay the remaining principle and any accrued interest to date, calculated at a rate of 9.11%, were recorded within the Statement of Net Assets Available for Benefits. These payments were recorded as additions (employer contributions) and deductions (bond principle payments and interest expense) within the Statement of Changes in Net Assets Available for Benefits. These amounts are guaranteed by the Company. Amounts remitted in excess of the required funding are held within certain investment funds denoted as non-participant directed with the Statement of Net Assets Available for Benefits. The final principle and interest payments of $10,378,630 and $472,747, respectively were paid on August 1, 2005.
7. Reconciliation of Financial Statements to Form 5500
The following is a reconciliation of net assets available for benefits per the financial statements to the form 5500:
|
|
December 31, |
|
||||
|
|
2005 |
|
2004 |
|
||
Net assets available for benefits per the financial statements |
|
$ |
1,535,698,173 |
|
$ |
1,476,721,866 |
|
Amounts allocated to withdrawing participants |
|
|
|
(1,253,876 |
) |
||
Net assets available of benefits per the Form 5500 |
|
$ |
1,535,698,173 |
|
$ |
1,475,467,990 |
|
The following is a reconciliation of benefits paid to participants per the financial statements to the Form 5500:
11
|
|
December 31, |
|
||||
|
|
2005 |
|
2004 |
|
||
|
|
|
|
|
|
||
Benefits paid to participants per the financial statements |
|
$ |
177,461,836 |
|
$ |
14,637,044 |
|
Add amounts allocated to withdrawing participants at end of year |
|
|
|
1,253,876 |
|
||
Less amounts allocated to withdrawing participants at beginning of year |
|
(1,253,876 |
) |
(18,700 |
) |
||
Benefits paid to participants per the Form 5500 |
|
$ |
176,207,960 |
|
$ |
15,872,220 |
|
8. Related-Party Transactions
Certain Plan investments are shares of mutual funds managed by T. Rowe Price Trust Company, the Trustee of the Plan. T. Rowe Price Group Inc. is the recordkeeper of the Plan. Therefore, these transactions qualify as party-in-interest transactions.
The Plan also invests in shares of the Company. The Company is the plan sponsor and, therefore, these transactions qualify as party-in-interest transactions.
9. Termination of the Plan
Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and terminate the Plan subject to the provisions of ERISA. Upon such termination of the Plan, the interest of each participant in the trust fund will be distributed to such participant or his or her beneficiary at the time prescribed by the Plan terms and the Internal Revenue Code.
10. Subsequent Event
On January 1, 2006, the assets of Sanofi-Synthelabo Group Savings Plan (the Sanofi Savings Plan) were merged into the Plan. The merged plan was renamed the sanofi-aventis Savings Plan. The new plan was redesigned to align the benefit received by the plan participants of the Sanofi Savings Plan to equal that received by the Plan participants.
12
Aventis Pharmaceuticals
Savings Plan
Schedule of Assets (Held at End of Year)
December 31, 2005
(a) |
|
(b) Identity of Issue, Borrower, Lessor, or Similar Party |
|
(c) Description of investment |
|
(d) Cost |
|
(e) Current Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mutual funds |
|
|
|
|
|
|
|
|
* |
|
AF Growth of America |
|
Mutual fund 2,034,204 shares |
|
** |
|
$ |
62,755,181 |
|
* |
|
Emerging Market Stock Fund |
|
Mutual fund 35 shares |
|
** |
|
903 |
|
|
* |
|
JP Morgan EAFE Plus Fund |
|
Mutual fund 3,269,913 shares |
|
** |
|
52,678,299 |
|
|
* |
|
PIMCO Total Return Fund |
|
Mutual fund 4,343,975 shares |
|
** |
|
45,611,740 |
|
|
* |
|
Retirement 2005 |
|
Mutual fund 1,569,917 shares |
|
** |
|
17,064,994 |
|
|
* |
|
Retirement 2010 |
|
Mutual fund 4,269,344 shares |
|
** |
|
62,204,346 |
|
|
* |
|
Retirement 2015 |
|
Mutual fund 7,307,291 shares |
|
** |
|
81,987,801 |
|
|
* |
|
Retirement 2020 |
|
Mutual fund 7,425,291 shares |
|
** |
|
116,057,302 |
|
|
* |
|
Retirement 2025 |
|
Mutual fund 11,319,334 shares |
|
** |
|
129,832,761 |
|
|
* |
|
Retirement 2030 |
|
Mutual fund 7,047,440 shares |
|
** |
|
116,212,278 |
|
|
* |
|
Retirement 2035 |
|
Mutual fund 5,753,194 shares |
|
** |
|
66,852,116 |
|
|
* |
|
Retirement 2040 |
|
Mutual fund 2,251,933 shares |
|
** |
|
37,314,524 |
|
|
* |
|
Retirement 2045 |
|
Mutual fund 612,487 shares |
|
** |
|
6,639,355 |
|
|
* |
|
Retirement Income Fund |
|
Mutual fund 833,699 shares |
|
** |
|
10,387,892 |
|
|
* |
|
Tradelink Investments |
|
Mutual fund N/A shares |
|
** |
|
39,791,290 |
|
|
* |
|
T. Rowe Price Small-Cap Stock Fund |
|
Mutual fund 2,589,078 shares |
|
** |
|
84,947,658 |
|
|
* |
|
Vanguard Inst Index Fund |
|
Mutual fund 420,491 shares |
|
** |
|
47,940,211 |
|
|
* |
|
Vanguard Mid-Cap Index, Inst |
|
Mutual fund 2,892,764 shares |
|
** |
|
51,115,139 |
|
|
* |
|
Vanguard Windsor II Admiral |
|
Mutual fund 621,751 shares |
|
** |
|
34,581,777 |
|
|
* |
|
Wellington Management Large-Cap Research Fund |
|
Mutual fund 6,993,838 shares |
|
** |
|
68,889,301 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Mutual Funds |
|
|
|
|
|
$ |
1,132,864,868 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
|
Participant loans |
|
Participant loans interest rates ranging from 5.25% to 10.5% |
|
** |
|
$ |
19,629,984 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Master Trust |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
|
Aventis Pharmaceuticals Savings Plan and Aventis Pharmaceuticals Puerto Rico Savings Plan Master Trust |
|
Master Trust |
|
|
|
$ |
341,324,753 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment |
|
|
|
|
|
$ |
1,493,819,605 |
|
* Indicates party-in-interest to the Plan.
** As permitted, cost information has been omitted for participant directed investments as the plan maintains individual accounts for each participant.
13
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Plan administrator has duly caused this annual report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
|
|
AVENTIS PHARMACEUTICALS |
|
|
|
|
SAVINGS PLAN |
|
|
|
|
|
|
|
|
|
|
|
Date: |
July 14, 2006 |
|
By: |
/s/ Liz Donnelly |
|
|
|
|
|
|
|
|
|
Liz Donnelly, for the |
|
|
|
|
Retirement Plan Administrative |
|
|
|
|
Committee, Plan Administrator |
14
INDEX TO EXHIBIT
Exhibit No. |
|
Exhibit |
|
|
|
1 |
|
Consent of Independent Registered Public Accounting Firm PricewaterhouseCoopers LLP |
15